Hanjin ex-chair grilled over bankruptcy www3.nhk.or.jp
A former chair of South Korea's largest container carrier, Hanjin Shipping, has admitted her responsibility for the company's bankruptcy and apologized.
A parliamentary committee summoned Choi Eun-young as a witness on Tuesday to ask about the firm's business and her role in its failure. Choi headed the company for more than 5 years through 2014.
Choi said she feels responsibility as the chief executive, even though the firm was struggling with the worldwide slump in the shipping industry. She tearfully apologized, getting down on her hands and knees.
She also revealed that she contributed personal wealth of about 9-million dollars in the hope of rebuilding the company.
Port operators in many countries have been refusing port calls by Hanjin's container vessels since it filed for bankruptcy in August. They are afraid they will not receive port and cargo handling fees.
The South Korean government says it hopes to resolve the turmoil by the end of October. But the firm is facing the possibility of huge damage claims over the delayed shipping of cargo. Analysts say the payment of compensation would make Hanjin's rehabilitation more difficult.
Published Date:2016-09-28